The Accountant Quits Podcast Episode 19 | Charles Hoffman on How to Modernize Accounting (XBRL, Knowledge Systems, Immutable Distributed Ledgers)
Charles Hoffman, a Certified Public Accountant, is credited as being the Father of XBRL.
(‘eXtensible Business Reporting Language’ or XBRL for short is an open international standard for digital business reporting, and is used in more than 60 jurisdictions.)
Charles was co-editor of the first ever XBRL taxonomy and played a major role in creating both the IFRS and US GAAP XBRL taxonomies.
He is the author of the books XBRL for Dummies, XBRL Essentials (a non-technical guide to XBRL), Mastering XBRL-based Digital Financial Reporting and maintains an inexhaustible resource of XBRL content on his Blog at xbrl.squarespace.com.
Today Charles is focusing his time to work on AuditChain, the first use case of blockchain in accounting, auditing and reporting.
In this episode, you will learn;
- The pain points of manual accounting processes,
- What is XBRL and the distinctions between human readable & machine readable information,
- What are knowledge graphs and why it’s relevant for the modern accountant,
- The importance of using immutable digital distributed ledgers like blockchain in bookkeeping,
- How can Accountants monetize process control NFTs with AuditChain and much more.
This episode is brought to you by AuditChain - the world's first decentralized continuous audit and real time reporting protocol.
Traditional audit methodology focuses on “materiality”, not accuracy. We are constrained by time and cannot audit 100% of the transactions, and therefore we perform sampling.
AuditChain decentralizes audit and uses an independent assurance methodology that automates auditing tasks, and continuously audits 100% of the transactions.
With AuditChain, Chartered Accountants and professionals will write and own Process Control NFTs that automate internal and disclosure controls, where these NFTs pay royalties in return.
With more and more automation, accountants will increasingly find themselves becoming redundant. If you are a forward thinking CPA or Chartered Accountant, and want to participate and be in touch with the latest developments from AuditChain in decentralizing the audit profession using blockchain, you should apply for membership by visiting DCARPE Alliance.
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